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What can you do to proactively start off the new financial year strong?
As a business coach, one of the things I help my clients with is to proactively plan their business so the can effectively run their business instead of the business running them. I help them to see the path they’re on and identify what needs to happen so they can avoid putting out bush-fires along the way.
Some of the questions I ask my clients are,
“Are you on track for where you wanted to be at this point in time?”
“What worked, what didn’t?”
“How can you do things differently next financial year?”
It’s important to continually look at your business plan to see what strategies you set for the year, and see what you can do to improve things going forward. Did you follow through with all your strategies? If not, why? What has held you back, and do you need support to follow through with your strategies? Of the actions you achieved, were they successful? If not, why? What needs to change to achieve your goals?
Another vital thing to assess is your financials. So many business owners who approach me don’t have an adequate handle of their financial requirements, don’t have a cash-flow or budget in place. Before you start another financial year, you should look at what you want to achieve and align this with your budget. If you’re looking to recruit new team members, how much do you need to set aside in the budget for them? If you’re wanting to grow your business or develop your marketing or other systems, have you budgeted for these strategies? What financial capital is required to achieve your plans?
In terms of cash-flow, what revenue do you need to be turning over each week or each month to break even? What can you do to increase your revenue so that you’re not only building your revenue but actually building your profits? Take a look at your cost of sales, your fixed and variable expenses, and see what can be done to improve your bottom line.
In Summary, my Top 5 tips heading into the new Financial Year are:
- 1. Re-assess your business plan and your goals,
- 2. Identify what’s working, and what isn’t. What do you need to change?
- 3. Map out your strategies, clearly and concisely,
- 4. Delegate each strategy to someone in your team, with a deadline to achieve it by, and
- 5. Re-do your budget so you’re clear on your financial requirements before the new financial year begins.
These are a few simple things you can do to head into the new financial year with laser-vision focus, so you are clear and confident about what you need to do to improve your chances of success.
If you’re unsure about your financials or need some extra guidance, have a conversation with your accountant to plan your tax & make sure you’ve got the best structure for your business.
If you don’t have a business plan, I would highly recommend you develop one so you can get a full picture of your business and how to take it to where you want it to be. I run 2-day business planning workshops in my office in Stirling; you can contact me to have a conversation about this and find out more.
If you’re still unsure how to step up to the next level in your business, I’d be happy to have a conversation with you. You can contact me on (08) 9207 3069 or email firstname.lastname@example.org.